Developer Lands $258 Million Loan Package for 1,161 Units in Three Towns
Developer Lands $258 Million Loan Package for 1,161 Units in Three Towns
A developer has secured nearly $260 million in financing for multifamily projects in Bayonne, Linden and Raritan, following a transaction arranged by Meridian Capital Group.
The capital markets firm announced Monday that it represented Accurate Builders & Developers in obtaining the $258 million loan package. Madison Realty Capital is providing the acquisition and construction financing for the portfolio, which includes a 651-unit development in Bayonne, a 276-unit project in Raritan and an undisclosed 234-unit project in Linden.
Meridian Senior Managing Director Shaya Ackerman and Senior Vice President Shaya Sonnenschein brokered the transaction.
“We are excited and proud to work with the Accurate team as they expand into these exciting New Jersey markets by constructing fully amenitized multifamily rental products that will set the standard for other developments in the area,” Ackerman said. “Ultimately, we advised the client to move forward with Madison as they were able to provide a very attractive staged funding, and the flexibility required during construction, which is incredibly important with three properties under development at once.
“This is a testament to Madison’s experience both as a lender and developer.”
Meridian said the Bayonne project, known as Harbor Station South sits at the intersection of Goldsborough Drive and Port Terminal Boulevard. The development’s 651 apartments will be spread across two buildings and feature amenities such as a concierge service and rooftop pool with unobstructed views of the New York City skyline and the Bayonne Golf Club
The second project, The Crossroads at Raritan, sits on a block bordered by First Avenue, Third Street, Second Avenue and the NJ Transit railroad tracks in Raritan. The 276-unit plan calls for 20 affordable apartments and is slated for amenities such as a bike-sharing program, virtual yoga studio and community room.
Meantime, the Linden project will feature amenities such as a rooftop deck and pool, Meridian said, noting its proximity to the Linden train station and the Linden Airport.
In a separate news release, Madison Realty touted the three projects as all being shovel-ready and located near mass transit.
“MRC thrives on large, complex transactions like this portfolio and we’re excited to be involved,” said Josh Zegen, co-founder and managing principal of MRC. “We’re financing three major transit-oriented development sites located in different towns, so clearly there are many moving parts, but our experienced team makes complicated deals easy for the borrower and allows them to focus on their core expertise of building.
“These are prime sites in communities with strong apartment demand based on demographics and transportation connections, and we believe they have great prospects for success.”
Accurate Builders has been steadily adding to its portfolio in recent years.
“As we expand deeper into New Jersey, it was important to find a lender who truly understands our growth goals and could fully support these developments,” said Jack Klugmann, CEO of Accurate Builders. “Meridian did an excellent job of sourcing a variety of financing options and then facilitating a smooth closing with the team at Madison.”
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Frequently asked
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What does the $258 million loan package finance?
Three New Jersey multifamily developments totaling 1,161 units for Accurate Builders & Developers: Harbor Station South in Bayonne, with 651 apartments across two buildings at Goldsborough Drive and Port Terminal Boulevard; The Crossroads at Raritan, a 276-unit plan that includes 20 affordable apartments on a block bordering the NJ Transit tracks; and a 234-unit project in Linden near the train station and Linden Airport. Madison Realty Capital is providing the acquisition and construction financing, in a transaction arranged by Meridian Capital Group’s Shaya Ackerman and Shaya Sonnenschein. All three sites were described as shovel-ready at closing.
Why did the developer select Madison Realty Capital as the lender?
According to Meridian, Madison offered a very attractive staged funding structure and the flexibility required during construction — a decisive factor when three properties are under development simultaneously in different towns. Meridian’s team also pointed to Madison’s experience as both a lender and a developer, which shapes how it underwrites complex, multi-site portfolios. Madison co-founder Josh Zegen framed the deal the same way: large, complicated transactions with many moving parts, made manageable so the borrower can focus on its core expertise of building. For Accurate CEO Jack Klugmann, the priority was a lender that understood the firm’s growth goals as it expands deeper into New Jersey.
What amenities are planned across the three projects?
Each property is positioned as a fully amenitized rental product. Harbor Station South in Bayonne will offer concierge service and a rooftop pool with unobstructed views of the New York City skyline and the Bayonne Golf Club. The Crossroads at Raritan is slated for a bike-sharing program, a virtual yoga studio, and a community room. The Linden project will feature a rooftop deck and pool, trading on its proximity to the Linden train station. Meridian described the portfolio’s intent plainly: rental products that set the standard for other developments in the area — which is precisely the competitive bar amenity and interior design must clear at lease-up.
Why does the transit-oriented location matter for these developments?
All three sites are transit-oriented and were shovel-ready at financing — two facts Madison Realty Capital cited directly in backing the portfolio. Raritan’s site borders the NJ Transit rail line; the Linden project sits near the Linden train station; Bayonne’s Harbor Station South connects to the Hudson waterfront employment corridor. Madison’s principals called these prime sites in communities with strong apartment demand based on demographics and transportation connections. For renters priced out of New York City, transit access is often the deciding amenity, which is why lenders increasingly underwrite location and connectivity as rigorously as unit count and construction cost.
How does interior and amenity design affect lease-up for buildings like these?
When a portfolio is marketed as setting the standard for its area, the design execution is what makes that claim true at lease-up. Rooftop pools, club rooms, co-working lounges, and lobbies are the spaces prospective renters photograph and compare across competing transit-corridor buildings; model units convert tours into leases. In our multifamily work across New Jersey — including amenity and interior programs for developments in Linden and throughout the state — we consistently see that buildings whose amenity spaces are designed to hospitality standards absorb faster and defend higher rents than buildings that treat amenities as a checklist. The financing headline gets a project built; the interiors get it leased.